This is an opportunity for these investors to grab the most profitable public companies and assets. But within the government, the operation is causing great concern.
On 3 July, the Egyptian parliament, all of whose members support President Abdel Fattah al-Sisi, approved an agreement signed in late March between the Egyptian and Saudi governments. This is supposed to facilitate the Saudi Public Investment Fund’s (PIF) purchase of Egyptian assets. This new agreement comes after trade between the two countries jumped by 62.1% in 2021. It reached $8.7bn in 2021 compared to $5.4bn in 2020, according to the Egyptian Statistics Agency.
The green light from parliament comes a few days after the Abu Dhabi Ports Group announced the acquisition of 70% of the Egyptian holding company International Associated Cargo Carrier – which owns the shipping companies Transmar and Transcargo – for Dh514m
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